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Author Topic: Do anyone use home warranty/ utility warranty for rental property?  (Read 3112 times)

Offline timtim2008

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Do anyone use home warranty/ utility warranty for rental property?

Ie to cover the entire home?   or just some utilities, or appliances? (ie hvac, dishwasher, etc)



such as  http://www.slwofa.com/slw-overview.html




Offline Estrogen Hostage

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Re: Do anyone use home warranty/ utility warranty for rental property?
« Reply #1 on: May 08, 2013, 09:23:07 am »
I only use insurance to cover repairs that I can't afford to pay out of pocket. That's mainly catastrophic coverage.

Offline Bluemoon06

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Re: Do anyone use home warranty/ utility warranty for rental property?
« Reply #2 on: May 08, 2013, 05:49:03 pm »
I used to buy home warranties for my properties and then I realized that it was not cost effective.  It costs me about $400/year for each property that means I would have $4,000 for the year for 10 houses and I don't do anywhere near $2,000 annually in maintenance.

When I buy my houses I make them right included in the financing.  New stuff don't break...if it does it is under warranty.  If the tenenat breaks it they pay for it.
Real estate to Retire you
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Offline Estrogen Hostage

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Re: Do anyone use home warranty/ utility warranty for rental property?
« Reply #3 on: May 09, 2013, 08:41:05 am »
This is the way I do it also. My maintenance is "front loaded" because the property starts off in very good condition. As they get run down I'll consider renovating them again after a very long time.

Offline RahRah

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Re: Do anyone use home warranty/ utility warranty for rental property?
« Reply #4 on: May 10, 2013, 08:44:18 am »
I don't use home warranties, but do have maintenance contracts with our local HVAC and plumbing companies that I use for repairs too - both maintenance contracts give me a greater discount if something needs repair or replacement and includes two annual service calls for maintenance.  On the plumbing contract I don't pay for someone to go out to the property if there is a problem, so save the service call fee ($50) anytime I need it in the year, plus the contract includes one maintenance call in the year to check the plumbing and appliances ($100) and if I need work done (hasn't happened yet, thankfully) it's discounted 20% off their rates charged to those without a contract - that costs $65 for the year.  The HVAC contract also has no charge for calls out to the houses ($50), includes two service calls a year for maintenance (winter/summer change overs, filters, line checks, etc) ($100) and a discount on work if needed, I think that's 15% off standard rates for those without a contract.  That one costs $89 a year and includes all the things needed for the maintenance calls (ie. filters, etc.). 

I think they're worth it, especially the HVAC since they remember when to change filters and schedule that to be done twice a year - and since both include service calls at no charge to go out and figure out what's wrong, that alone pays for the contract in a year since we do wind up with a couple of calls a year for something, usually nothing, but something none the less to appease a tenant.

 




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